$MMS

MAXIMUS INC

CIK:0001032220|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 1,278,971	$ 1,348,400	$ 3,929,984	$ 4,112,861
Cost of revenue	930,168	988,887	2,920,247	3,112,970
Gross profit	348,803	359,513	1,009,737	999,891
Selling, general, and administrative expenses	167,188	170,831	492,827	525,423
Amortization of intangible assets	20,187	23,010	60,785	69,041
Operating income	161,428	165,672	456,125	405,427
Interest expense	23,878	22,657	66,805	61,648
Other (income)/expense, net	(608)	48	(1,639)	(603)
Income before income taxes	138,158	142,967	390,959	344,382
Provision for income taxes	34,565	36,986	95,360	100,636
Net income	$ 103,593	$ 105,981	$ 295,599	$ 243,746
Earnings per share:
Basic (in dollars per share)	$ 1.96	$ 1.87	$ 5.48	$ 4.22
Diluted (in dollars per share)	$ 1.95	$ 1.86	$ 5.45	$ 4.20
Weighted average shares outstanding:
Basic (in shares)	52,854	56,683	53,974	57,776
Diluted (in shares)	53,057	56,984	54,243	58,100
Dividends declared per share (in dollars per share)	$ 0.33	$ 0.30	$ 0.96	$ 0.90

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 295,599	$ 243,746
Adjustments to reconcile net income to cash flows from operations:
Depreciation and amortization of property, equipment, and capitalized software	37,091	27,502
Capitalized software impairment charges	6,914	0
Amortization of intangible assets	60,785	69,041
Amortization of debt issuance costs and debt discount	2,314	2,046
Deferred income taxes	54,416	(5,829)
Stock compensation expense	24,274	30,324
Divestiture-related charges/(gains)	(10,147)	39,343
Change in assets and liabilities, net of effects of business combinations and divestitures:
Accounts receivable	(489,403)	(553,297)
Prepaid expenses and other current assets	13,152	9,341
Deferred contract costs	2,748	(856)
Accounts payable and accrued liabilities	(33,345)	(21,808)
Accrued compensation and benefits	(79,734)	(50,369)
Deferred revenue	(24,658)	(8,675)
Income taxes	(40,504)	5,625
Operating lease right-of-use assets and liabilities	(2,814)	(3,508)
Other assets and liabilities	3,449	(2,626)
Net cash used in operating activities	(179,863)	(220,000)
Cash flows from investing activities:
Purchases of property and equipment and capitalized software	(28,752)	(55,686)
Proceeds from divestitures	16,842	736
Other	(2,500)	(2,165)
Net cash used in investing activities	(14,410)	(57,115)
Cash flows from financing activities:
Cash dividends paid to Maximus shareholders	(51,437)	(51,865)
Purchases of Maximus common stock	(204,919)	(306,443)
Tax withholding related to RSU vesting	(17,325)	(16,451)
Payments for debt financing costs	(2,393)	(1,658)
Proceeds from borrowings	1,368,675	1,335,208
Principal payments for debt	(1,065,935)	(810,174)
Other, including customer escrowed funds	60,841	(1,824)
Net cash provided by financing activities	87,507	146,793
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(444)	(65)
Net change in cash, cash equivalents, and restricted cash	(107,210)	(130,387)
Cash, cash equivalents, and restricted cash, beginning of period	260,459	235,763
Cash, cash equivalents, and restricted cash, end of period	$ 153,249	$ 105,376

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Assets:
Cash and cash equivalents	$ 56,953	$ 222,351
Accounts receivable, net	1,382,014	898,095
Income taxes receivable	31,019	3,904
Prepaid expenses and other current assets	171,377	128,574
Total current assets	1,641,363	1,252,924
Property and equipment, net	28,485	30,972
Capitalized software, net	201,373	214,260
Operating lease right-of-use assets	88,302	100,514
Goodwill	1,780,543	1,782,095
Intangible assets, net	477,031	538,266
Deferred contract costs, net	60,205	63,332
Deferred compensation plan assets	67,877	63,272
Deferred income taxes	8,047	11,491
Other assets	13,553	12,513
Total assets	4,366,779	4,069,639
Liabilities:
Accounts payable and accrued liabilities	263,220	296,888
Accrued compensation and benefits	146,064	236,948
Deferred revenue, current portion	36,626	53,784
Income taxes payable	1,138	17,321
Long-term debt, current portion	71,599	52,680
Operating lease liabilities, current portion	38,280	38,605
Other current liabilities	121,142	68,937
Total current liabilities	678,069	765,163
Deferred revenue, non-current portion	35,863	43,757
Deferred income taxes	199,887	149,020
Long-term debt, non-current portion	1,565,336	1,281,593
Deferred compensation plan liabilities, non-current portion	66,468	62,145
Operating lease liabilities, non-current portion	56,603	71,289
Other liabilities	24,002	22,637
Total liabilities	2,626,228	2,395,604
Commitments and contingencies (Note 11)
Shareholders' equity:
Common stock, no par value; 100,000 shares authorized; 52,358 and 54,805 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively	647,138	628,118
Accumulated other comprehensive loss	(20,721)	(17,867)
Retained earnings	1,114,134	1,063,784
Total shareholders' equity	1,740,551	1,674,035
Total liabilities and shareholders' equity	$ 4,366,779	$ 4,069,639